Public sector lender United Bank of India on Tuesday reported a net loss of Rs 413 crore for the quarter ended March 31, 2016,
compared with a net profit of Rs 104.52 crore during the year-ago period.
The lender reported loss in the latest quarter as its provisioning towards bad assets rose sharply while total income fell.
During the March quarter, non-performing assets (NPAs) in absolute term surged by over 44.5% year-on-year to Rs 9,471.01 crore from Rs 6,552.91 crore in same period a year ago, the bank said in a BSE filing.
The Kolkata-based lender’s total income declined 12.7% Y-o-Y to Rs 2,752.35 crore and net interest income (NII) fell close to 43% Y-o-Y to Rs 405.45 crore during the period under review.
Total provisioning grew by over 73% year-on-year to Rs 1,173.43 crore, against Rs 676.10 crore for the corresponding period of FY15. Provisions against non-performing loans and advances went up from Rs 100.19 crore as on March 2015 to Rs 925.15 crore as on March 2016, the bank said.